Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny stock by the Investigation Wing. The Tribunal noted that the denial of benefit solely relied on the investigation report without evidence of collusion between the broker and the taxpayer. The absence of cross-examination opportunity for the taxpayer on crucial statements was also highlighted. Referring to a High Court ruling, the Tribunal emphasized the importance of proving the genuineness of share transactions through documented evidence. Consequently, the Tribunal upheld the lower authority's decision to grant the taxpayer the benefit of section 10(38) and dismissed the Revenue's appeal for lacking merit.
The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny stock by the Investigation Wing. The Tribunal noted that the denial of benefit solely relied on the investigation report without evidence of collusion between the broker and the taxpayer. The absence of cross-examination opportunity for the taxpayer on crucial statements was also highlighted. Referring to a High Court ruling, the Tribunal emphasized the importance of proving the genuineness of share transactions through documented evidence. Consequently, the Tribunal upheld the lower authority's decision to grant the taxpayer the benefit of section 10(38) and dismissed the Revenue's appeal for lacking merit.
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